27 May 2014
Yen stuck in multi month 100.76 to 104.13 range - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted that JPY is flat to yesterday’s (and Friday’s) close having traded in fairly tight multisession ranges and still trading within its multi month 100.76 to 104.13 range.
Key Quotes
"JPY is flat to yesterday’s (and Friday’s) close having traded in fairly tight multisession ranges and still trading within its multi month 100.76 to 104.13 range. Data was limited, with the corporate service price index rising 3.4%y/y; however for Japan the focus has been on foreign policy, which has yet to impact the currency."
"This week April inflation will be the highlight. On the back of the consumption tax it is expected to jump up to 3.3%y/y on headline, 3.1%y/y ex fresh food and 2.2%y/y ex food and energy. We have made no change to our year‐end forecast of 109."
"USD/JPY short‐term technicals: mixed and range bound leaving better risk reward elsewhere."
Key Quotes
"JPY is flat to yesterday’s (and Friday’s) close having traded in fairly tight multisession ranges and still trading within its multi month 100.76 to 104.13 range. Data was limited, with the corporate service price index rising 3.4%y/y; however for Japan the focus has been on foreign policy, which has yet to impact the currency."
"This week April inflation will be the highlight. On the back of the consumption tax it is expected to jump up to 3.3%y/y on headline, 3.1%y/y ex fresh food and 2.2%y/y ex food and energy. We have made no change to our year‐end forecast of 109."
"USD/JPY short‐term technicals: mixed and range bound leaving better risk reward elsewhere."